Software Circle Regulatory News (SFT)

21 Nov 2006 12:51

Sinosoft Technology plc21 November 2006 Sinosoft Technology plc ("Sinosoft" or the "Company") Update on SAT Golden Tax Project SAT conference in Beijing As part of the development of the Golden Tax Project which has a stated aim ofdigitising the tax system within China, the State Administration of Taxation ("SAT") has hosted a workshop in Beijing to discuss and outline the functionalityof Sinosoft's export tax software. The workshop, which opened on 10 October 2006and finished on 18 November 2006, 10 days ahead of schedule, was attended byrepresentatives of each of the 36 Chinese provincial tax bureaus. Representatives of Sinosoft's operating subsidiary, Nanjing Skytech Co. Ltd,attended the workshop to discuss how the Company's SAT approved software mightbe tailored to better serve the demands of each individual provincial taxbureau. The Directors believe that by agreeing these specifications now, thiswill help the Company manage the roll out of its export tax software productefficiently. SAT will summarise the provisional requirements established at the conferenceand agree uniform technical specifications with the Company. The Company willadjust and finalise the product accordingly. This is anticipated to be completedby March 2007. The Company has hired 5 additional technical staff to ensure the timelyimplementation of the agreed specifications. Ms Xin, Chief Executive of Sinosoft commented, "The SAT workshop has providedSinosoft with an excellent opportunity to discuss with SAT and the localprovincial tax bureaus their requirements for the software and to highlight thebenefits of the software to the provincial users. This will enable Sinosoft tofinalise a universal product to be rolled out to both tax bureaus and exportersacross China." For further information, please contact: Tavistock Communications:Matt Ridsdale / Paul Dulieu 020 7920 3150 HansonWesthouseTim Metcalfe / Martin Davison 020 7601 6100 This information is provided by RNS The company news service from the London Stock Exchange